GREENVALE ENERGY LTD — Capital/Financing Update 2021

Nov 29, 2021

ASX ANNOUNCEMENT

30 November 2021

DRILLING GATHERS MOMENTUM AT GEORGINA BASIN IOCG PROJECT, NT

First diamond hole completed and a second underway, with an exciting pipeline of new prospects identified in the central tenement group

Highlights:

• First hole targeting the prominent “Twin Peaks” West magnetic-gravity anomaly now complete to a final depth of 796m.

• KNRDD002 has intersected strongly altered sedimentary rocks and breccias, consistent with oxidised style Tennant Creek IOCG systems.

• The hole was extended ~80m beyond its designed depth due to prospective veining and alteration observed in the core from 720m downhole. Assays expected in late 2021 or early in the New Year.

• 1,000m now complete as part of the maiden diamond drill program.

• Geophysical data received from the recent airborne geophysical survey over the central tenement EL32283 and applications 32284 and 32820.

• Gravity and magnetic inversion modelling completed on EL32295.

• Interpretation of aeromagnetic and gravity data adds multiple new highpriority targets to the drill-testing pipeline within the exciting central tenement group.

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Figure 1: Experienced drill contractors, Eagle Drilling NQ Pty Ltd, on hole KNRDD002 at the Georgina Basin IOCG Project

R E G I S T E R E D O F F I C E : 130 Stirling Hwy, NORTH FREMANTLE, WA 6159 | Locked Bag 4, North Fremantle, WA Australia, 6159 t:+61 8 6215 0372 | e: admin@greenvalemining.com | www.greenvalemining.com

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Greenvale Mining Limited (ASX: GRV , “ Greenvale ” or “ the Company ”) is pleased to advise that it has made a strong start to its maiden diamond drilling program at the 100%-owned Georgina Basin IOCG Project in the East Tennant area of the Northern Territory.

Greenvale continues to lead the way in exploring the East Tennant area with over 1,000m of diamond drilling already completed as part of its maiden drill program with the successful completion of the first diamond drill hole (KNRDD002) to a final depth of 796.6m.

KNRDD002 is the first of an initial four-hole drill program targeting the exciting "Twin Peaks" coincidental magnetic and gravity anomalies located within tenements EL32282 & EL32296.

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Figure 2: Greenvale Mining's 100%-owned Georgina Basin IOCG Project Tenement Locations.

Drill-hole KNRDD002 intersected a sequence of metasedimentary rocks and breccias through the target area, with hematite(-talc), hematite-quartz-chlorite and sericite alteration observed, in line with expectations.

The rock types observed are consistent with the regionally important Warramunga Formation, and the alteration observed is similar to the oxidised end-member Tennant Creek-style IOCG deposits (Figure 3).

Oxidised end-member Tennant Creek deposits, such as Nobles Nob and Eldorado, tend to be sulfur-poor and hematite-rich, with oxidation of magnetite to hematite[1] .

1. Reduced and Oxidized Au-Cu-Bi Iron Oxide Deposits of the Tennant Creek Inlier, Australia: An Integrated Geologic and Chemical Model, ROGER G. SKIRROW AND JOHN L. WALSHE, Economic Geology Vol. 97, 2002, pp. 1167–1202.

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Figure 3: Quartz-hematite (iron-oxide mineral) altered breccia

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Figure 4: Hematite (iron-oxide mineral) altered breccia and sedimentary rocks between 776.78 and ~781m

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Figure 5: Veined and hematite (iron-oxide mineral) and chlorite-altered sedimentary rocks between 667 and ~671m

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Consistent with the Tennant Creek deposit model, drill-hole KNRDD002 showed strong hematitic alteration, chlorite alteration and minimal magnetite, with no significant sulphide minerals observed.

In addition, trace native copper was observed on a slickensided shear (a slickenside is caused by frictional movement between rocks along the sides of a fault), at approximately 732.5m down-hole, which may indicate the presence of metals within fluids responsible for the observed alteration. As a result of observed veining and alteration intersected in drill core from 720m, the hole was extended by approximately 80m beyond its designed depth to further evaluate this exciting opportunity.

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Figure 6: Slickensided parting KNRDD002 with fine native copper indicated at approximately 732.5m down-hole.

The diamond core from KNRDD002 has been geologically and structurally logged and will be sampled and assayed for a full suite of elements, including gold, with assay results expected to begin arriving in late December/early January. Once assay results are returned, the basement core will be sampled for petrography to confirm the host rock lithologies and alteration styles present at Twin Peaks.

Early on-site interpretation of the core is promising, with all the key ingredients present to suggest that the hole may sit on the edge of the geological source of the gravity and magnetic anomalies. Selected holes will be cased in order to undertake down-hole magnetic surveying to provide further directional data on the source of the observed magnetic anomalies at "Twin Peaks".

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Figure 7: Overlay of Interpreted Gravity on “Twin Peaks” Magnetic Anomalies.

Drill hole KNRDD004, the second hole in the program, has been designed to target the eastern magnetic anomaly, and is expected to provide further insights into the potential prospectivity of the "Twin Peaks" targets. Work has already commenced on the second hole (KNRDD004), with the hole currently at a depth of 275m towards a planned total depth of 750m.

Table 1: Drill Collar & Setup Details

Hole ID	East	North	RL (AHD)	Azi (MGA)	Dip	Depth
	(MGA53)	(MGA53)
KNRDD002	506771	7825392	250	170°	-61.5°	796.6m
KNRDD004	509608	7825960	251	160°	-61.5°	750m*

*Hole KNRDD004 design depth only, drilling underway

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Georgina Basin-Proterozoic Contact
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Figure 8: KNRDD002 design cross-section – the hole targeted magnetic (red) and gravity (purple line) anomalies from inversion of geophysical data.

While the drilling program has been progressing, the Company has been conducting desktop reviews of the recently completed gravity and aeromagnetic surveys over the Company's central tenement group (EL32295, EL32283 and EL32284).

These desktop reviews have yielded several new and exciting prospects in the Company’s central tenement package, specifically within EL32295.

EL32295 is located adjacent to Middle Island Resources Ltd's (ASX: MDI) Crosswinds Prospect, where significant surface copper oxide mineralisation has been identified[2] . Tenement EL32295 also surrounds NDIBK05 and NDIBK10, two holes drilled as part of the National Drilling Initiative.

1. Middle Island Resources Ltd. (2020, December 23) Breakthrough maiden copper discovery provides early encouragement for Barkly IOCG potential [ASX release]. http://www.middleisland.com.au/wp-content/uploads/2021/01/20201223_BarklyCopper-Discovery_final.docx.pdf

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Figure 9: Overlay of Interpreted Gravity on Mawson, Banks & Leichhardt Magnetic Anomalies.

Greenvale has designed an initial 9-hole drill program for 5,860m (Figure 7) to assess three of the promising targets identified within EL32295 – Mawson, Banks, and Leichhardt. A further three contingent holes have been designed for 2,825m.

The three prioritised targets demonstrate coincidental magnetic and gravity anomalies similar to those seen at the Company's "Twin Peaks" prospects and consistent with IOCG deposit models.

As mentioned in previous announcements, IOCG deposits contain substantial amounts of dense iron oxide minerals, causing the deposits to have an elevated gravity response relative to the surrounding country rocks. They can have a range of magnetic responses that can vary considerably as a function of the type of magnetic minerals present and strength of remnant magnetisation relative to induced magnetisation.

In most IOCG deposits in the Gawler Craton (e.g., Prominent Hill, Olympic Dam) magnetic and gravity anomalies are non-coincident, however for other IOCG deposits – such as Ernest Henry in the Cloncurry region – magnetic and gravity responses occur together.

The proposed drill program design for the central tenement grouping will need further refinement once final geophysical modelling has been completed, expected in January 2022. The Company expects that it will be ready to commence the new drilling program in the second quarter of the New Year.

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Figure 10: Greenvale's next steps for each tenement grouping at the Georgina Basin IOCG Project.

Greenvale and its field team are pushing hard to finish the year on a high, aiming to complete the current hole, KNRDD004, in the coming weeks, commence trial spinifex and superfine soil sampling within EL32282 and 32296 and fast-track assays and interpretation of KNRDD002.

The Company intends to maintain significant exploration momentum moving into 2022, with down-hole geophysical surveys scheduled to commence at Twin Peaks in conjunction with drilling of the remaining two holes, and site preparations, cultural heritage surveys and government approvals expected to advance rapidly to allow drilling to commence within tenement EL32295 (see Figure 8 above).

MANAGEMENT COMMENT:

Greenvale Mining CEO, Matthew Healy, commented:

“It is very encouraging that the inaugural exploration hole to be drilled at Twin Peaks West intersected not only the same rock types that host major IOCG deposits at Tennant Creek but also extensive hematite and chlorite alteration, which is associated with Tennant Creek-style IOCG deposits.

“The Greenvale team on site has done an exceptional job in preparing for and supporting drilling operations. Drill core samples from the first hole will shortly be in transit to the lab for assay and the second hole, at Twin Peaks East, is well under way, cementing Greenvale’s status as a first mover in the district.

“Drill-hole design on the central tenements is well advanced, and further target generation planned for over the wet season will see the pipeline of high-prospectivity IOCG targets grow, positioning Greenvale well to make the first discovery in the East Tennant region.”

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“This is an exciting time for our shareholders as we look to finish 2021 on a high, with two completed drill-holes at Twin Peaks, initial assay results on the way, and a maiden JORC Mineral Resource Estimate nearing completion for the Alpha Torbanite Project in Central Queensland.”

Authorised for Release

This announcement has been approved by the Board for release.

Alan Boys Company Secretary

Contact

For further details, contact: Neil Biddle, Managing Director, 0418 915 752 Matthew Healy, CEO, 0431 683 952

Media inquiries, contact: Nicholas Read, Read Corporate, 0419 929 046 Nicholas@readcorporate.com.au

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COMPETENT PERSON’S STATEMENT:

The information in this report that relates to Exploration Results is based on information compiled by Mr. Matthew Healy, a Competent Person who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy or the Australian Institute (AusIMM Member number 303597).

Mr Healy is a full-time employee of the company and is eligible to participate in a performance rights incentive plan of the Company.

Mr. Healy has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr. Healy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 Report Template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or	•	Altitude for airborne magnetic surveying was determined using a
techniques		specific specialised industry standard measurement tools appropriate		Reninshaw ILM-500-R laser with a vertical accuracy of 0.1m
		to the minerals under investigation, such as down hole gamma	•	Base station magnetic field monitoring was completed using GEM
		sondes, or handheld XRF instruments, etc). These examples should		Overhauser and Scintrex ENVIMAG proton precession
		not be taken as limiting the broad meaning of sampling.		magnetometers with 1.0 and 0.5 Hz sampling rates respectively
	•	Include reference to measures taken to ensure sample representivity	•	Radiometric surveying was completed using an RSI RS-500 gamma-
		and the appropriate calibration of any measurement tools or systems		ray spectrometer with a sampling rate of 2Hz
		used.	•	Magnetic surveying was completed using a Geometrics G-823A
	•	Aspects of the determination of mineralisation that are Material to the		caesium vapour magnetometer at a 20Hz sampling rate
		Public Report.
	•	In cases where ‘industry standard’ work has been done this would be	•	NQ drill core to be cut in half lengthwise and sampled on nominal 1m
		relatively simple (eg ‘reverse circulation drilling was used to obtain 1		intervals or as determined by geological boundaries
		m samples from which 3 kg was pulverised to produce a 30 g charge
		for fire assay’). In other cases more explanation may be required,
		such as where there is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation types (eg
		submarine nodules)maywarrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Mud-rotary methods employed to bit refusal, and HQ and ND
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple		diamond core drilling methods thereafter.
		or standard tube, depth of diamond tails, face-sampling bit or other	•	Drill core that has intersected basement (Proterozoic) rocks has been
		type, whether core is oriented and if so, by what method, etc).		oriented where possible
Drill sample	•	Method of recording and assessing core and chip sample recoveries	•	Core blocks inserted between runs by drill crew record run length and
recovery		and results assessed.		recovered core
	•	Measures taken to maximise sample recovery and ensure	•	Core recovery logged by field staff/contractors at the point of core
		representative nature of the samples.		markup
	•	Whether a relationship exists between sample recovery and grade
		and whether sample bias may have occurred due to preferential
		loss/gain of fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and	•	Drill core logged by field geologists to capture interpreted lithology,
		geotechnically logged to a level of detail to support appropriate		weathering, alteration and veining, and structure orientations where
		Mineral Resource estimation,miningstudies and metallurgical		appropriate

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Criteria	JORC Code explanation	Commentary
	studies.	•Core logging is largely qualitative, with some quantitative estimates of
	• Whether logging is qualitative or quantitative in nature. Core (or	notable minerals
	costean, channel, etc) photography.	•Core tray photography undertaken of wet and dry drill core
	•The total length and percentage of the relevant intersections logged.	•All drill core logged from
Sub-sampling	•If core, whether cut or sawn and whether quarter, half or all core	•Half-core to be crushed and pulverized to 85% passing 75 micron
techniques	taken.	particle size prior to assay
and sample	•If non-core, whether riffled, tube sampled, rotary split, etc and	•Half drill core considered representative of sample intervals
preparation	whether sampled wet or dry.
	•For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	•Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	•Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	•Whether sample sizes are appropriate to the grain size of the material
	beingsampled.
Quality of	•The nature, quality and appropriateness of the assaying and	•NATA-accredited ALS Laboratories conducting preparation and
assay data	laboratory procedures used and whether the technique is considered	analysis of samples
and	partial or total.	•Laboratory analysis to include Fire Assay and AAS finish for Au and
laboratory	•For geophysical tools, spectrometers, handheld XRF instruments, etc,	4-acid digest and ICP-MS for a 48-element suite
tests	the parameters used in determining the analysis including instrument	•Both techniques considered total for elements of interest
	make and model, reading times, calibrations factors applied and their	•Certified reference materials (CRMs) and blanks inserted in the
	derivation, etc.	sample stream to monitor accuracy and potential contamination as
	•Nature of quality control procedures adopted (eg standards, blanks,	part of Company QAQC processes
	duplicates, external laboratory checks) and whether acceptable levels	•ALS in-house QAQC includes the use of CRMs, splits and duplicates
	of accuracy (ie lack of bias) and precision have been established.	to monitor accuracy and precision
Verification of	•The verification of significant intersections by either independent or	•Sample intervals assigned a unique sample identification number
sampling and	alternative company personnel.	prior to core cutting and analysis
assaying	•The use of twinned holes.	•Significant intersections to be checked against drill core photography
	•Documentation of primary data, data entry procedures, data	and QAQC results by a company geologist
	verification, data storage (physical and electronic) protocols.
	•Discuss anyadjustment to assaydata.
Location of	•Accuracy and quality of surveys used to locate drill holes (collar and	•Magnetic survey flight path recovery was established using a NovAtel
data points	down-hole surveys), trenches, mine workings and other locations	OEM 719 DGPS Receiver with a 0.4m RMS accuracy and a 2Hz
	used in Mineral Resource estimation.	samplingrate

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Criteria	JORC Code explanation	Commentary	Commentary
	•Specification of the grid system used.	•	Drill collar location determined using a Garmin hand-held GPS with
	•Quality and adequacy of topographic control.		location reported in GDA94 MGA Zone 53
		•	Downhole surveys determined using a Reflex north-seeking Gyro at
			20m depth intervals
Data spacing	•Data spacing for reporting of Exploration Results.	•	A total of 12,618 line km of survey data was collected in total
and distribution	•Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	•	Flight lines were spaced at 100m with perpendicular tie-lines at 1000m intervals. The survey was conducted in two orientations, with
	Resource and Ore Reserve estimation procedure(s) and		flight lines oriented north-south for approximately 15% of the survey,
	classifications applied.		and at 135° for the remainder
	•Whether sample compositing has been applied.
		•	Drill spacing is appropriate for early exploration purposes
Orientation of	•Whether the orientation of sampling achieves unbiased sampling of	•	Insufficient information available due to early exploration status
data in	possible structures and the extent to which this is known, considering
relation to	the deposit type.
geological	•If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	samplingbias,this should be assessed and reported if material.
Sample	•The measures taken to ensure sample security.	•	Samples delivered from the drill site to Freight agent by Company
security			staff/contractors for delivery to external laboratory
Audits or	•The results of any audits or reviews of sampling techniques and data.	•	Not applicable
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	•Type, reference name/number, location and ownership including	•Magnetic survey undertaken on granted EL32283 and EL Application
tenement and	agreements or material issues with third parties such as joint	32284, the grant of which is subject to aboriginal freehold land
land tenure	ventures, partnerships, overriding royalties, native title interests,	negotiations and agreement execution
status	historical sites, wilderness or national park and environmental	•Modelling of geophysical responses undertaken on granted EL32295
	settings.	•Twin Peaks exploration drilling undertaken on granted EL32282 and
	•The security of the tenure held at the time of reporting along with any	32296
	known impediments to obtaining a licence to operate in the area.	•Tenements held in 100% Greenvale subsidiary Knox Resources Pty
		Ltd

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Exploration	•	Acknowledgment and appraisal of exploration by other parties.	•	Not applicable
done by other
parties
Geology	•	Deposit type, geological setting and style of mineralisation.	•	The principal target deposit style is iron-oxide-copper-gold (IOCG).
				IOCG deposits are typically characterized by associated magnetic
				and gravity responses due the prevalence of dense and often
				magnetic iron oxide minerals as a substantial portion of the deposit
				footprint mineralogical constitution. IOCG deposits are known in the
				Tennant Creek region and recent Geoscience Australia prospectivity
				analysis indicates that basement rocks east of Tennant Creek, the
				location of the Company tenements, are prospective for IOCG
				deposits.
Drill hole	•	A summary of all information material to the understanding of the	•	Drillhole KNRDD002 collared at 506771 E 7825392 N and 250m RL
Information		exploration results including a tabulation of the following information	•	Drillhole KNRDD004 located at 509608 E, 7825960 N and 251m RL
		for all Material drill holes:	•	Drillhole KNRDD002 setup at 170° azimuth and -61.5° dip
		o easting and northing of the drill hole collar	•	Drillhole KNRDD004 setup at 160° azimuth and -61.5° dip
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth	• • •	Drillhole KNRDD002 drilled to a total depth of 796.6m Drillhole KNRDD004 has a design depth of 750m Collar location reported in GDA94 MGA Zone 53
		o hole length.
	•	If the exclusion of this information is justified on the basis that the
		information is not Material and this exclusion does not detract from
		the understanding of the report, the Competent Person should clearly
		explain whythis is the case.
Data	•	In reporting Exploration Results, weighting averaging techniques,	•	Not applicable
aggregation		maximum and/or minimum grade truncations (eg cutting of high
methods		grades) and cut-off grades are usually Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade
		results and longer lengths of low grade results, the procedure used
		for such aggregation should be stated and some typical examples of
		such aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal equivalent values
		should be clearlystated.
Relationship	•	These relationships are particularly important in the reporting of	•	Insufficient information available due to early exploration status
between		Exploration Results.
mineralisation

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Criteria	JORC Code explanation	Commentary
widths and	•If the geometry of the mineralisation with respect to the drill hole
intercept	angle is known, its nature should be reported.
lengths	•If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	width not known’).
Diagrams	•Appropriate maps and sections (with scales) and tabulations of	•See in release
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	•Where comprehensive reporting of all Exploration Results is not	•This release describes all relevant information
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	•Other exploration data, if meaningful and material, should be reported	•This release describes all relevant information
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminatingsubstances.
Further work	•The nature and scale of planned further work (eg tests for lateral	•Further drilling will be conducted at Twin Peaks. Assay work and
	extensions or depth extensions or large-scale step-out drilling).	petrography will be conducted on selected drill core.
	•Diagrams clearly highlighting the areas of possible extensions,	•Exploration drilling is planned for targets located on EL32295
	including the main geological interpretations and future drilling areas,	•Further target generation will be conducted on prospective
	provided this information is not commercially sensitive.	geophysical anomalies identified from airborne magnetic survey data

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